Municipal Financial Reporting Manual

Province of New Brunswick

Department of Local Government NEW BRUNSWICK MUNICIPAL FINANCIAL REPORTING MANUAL

December, 2011

TABLE OF CONTENTS

INTRODUCTION CONTROL OF MUNICIPALITIES ACT PURPOSE AND APPLICATION EFFECTIVE DATE ADDITIONS AND REVISIONS

ACCOUNTING AND REPORTING BASIS OF ACCOUNTING FUND ACCOUNTING CLASSIFICATION OF ACCOUNTS ACCOUNTING AND REPORTING OBJECTIVES ANNUAL FINANCIAL STATEMENTS MUNICIPAL YEAR END CHANGE IN ACCOUNTING POLICY TANGIBLE CAPITAL ASSETS BORROWING INTER-FUND BALANCES OPERATING FUND SURPLUS/DEFICIT TRANSITIONAL FUNDING PROVISIONS WATER COST TRANSFER FOR FIRE PROTECTION RESERVE FUNDS

AUDIT REQUIREMENTS AUDITOR AND APPOINTMENT AUDITOR RESPONSIBILITIES REPORTS

APPENDICES APPENDIX A - REFERENCE CHECKLIST APPENDIX B - LISTING OF ACT AND WEBSITE LINKS APPENDIX C - GUIDANCE ISSUE BY THE DEPARTMENT ON THE ADOPTIO OF PSAS

CHART OF ACCOUNTS INTRODUCTION CODING ACCOUNTS AND NUMBERS

SAMPLE FINANCIAL STATEMENTS

1000 1010 1020 1030 1040 2000 2010 2020 2030 2040 2050 2060 2070 2080 2090 2100 2110 2120 2130 2140 3000 3010 3020 3030 4000 4010 4020

4030 5000 5010 5020 5030 6000

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INTRODUCTION

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CONTROL OF MUNICIPALITIES ACT

Municipal Financial Reporting Manual

The Commissioner of Municipal Affairs hereby prescribes, pursuant to Section 8 of the Control of Municipalities Act, Chapter C-20 of the R.S.N.B. 1973, a revised Municipal Financial Reporting Manual to be applicable to municipalities and related municipal service bodies in the Province of New Brunswick, effective immediately. Dated at Fredericton, New Brunswick, this 16th day of December, 2011.

Original signed by

Sylvie Levesque-Finn Commissioner of Municipal Affairs

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PURPOSE AND APPLICATION

The Province of New Brunswick's Control of Municipalities Act provides the statutory requirement for the Commissioner of Municipal Affairs to establish the accounting and reporting systems to be used by Municipalities in the Province, and to require compliance with the systems so established.

Pursuant to this authority, the Department developed the Municipal Financial Reporting Manual to identify the established systems and to assist Municipalities with compliance under the Control of Municipalities and other Acts.

Compliance with established systems and with the Municipalities and other Acts is the responsibility of the municipal council or board of directors. Any non-compliance matters must be disclosed in the financial statements.

It should be noted that references throughout this manual to "municipalities" are intended to include rural communities, utilities, commissions, boards, associations, corporations, and other entities to which the applicable legislation specifically applies or that are owned and/or controlled by Municipalities.

NB municipalities are to adopt Public Sector Accounting Standards for the fiscal year beginning January 1, 2012 with retroactive application to the January 1, 2011 fiscal year.

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